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poverty for the lowest income people. and actually, served as a good stimulus for the economy at the same time. >> i mean, and the meme around food stamps has been incredibly divisive. and really false. and i must play the sound from louie gohmert who is really a one-man band in terms of sound bites and outrageous commentary. let us hear what louie gohmert had to say on the floor of the house yesterday. >> standing in line at a grocery store behind people with a food stamp card, and they look in their basket, as one individual said, "i love crab legs," you know the big king crab legs. i love those and then sees the food stamp card pulled out and provided. he is actually helping pay for the king crab legs. when he can't pay for them for himself. >> so everyone on food stamps is apparently buying king crab legs, eugene. >> yeah. >> they're living off the largess of our government. >> king crabs are going to have to be added to the endangered species list, i guess, according to louie gohmert. you know, it's wrong, number one. it's -- it's insulting. it's demeaning. and it's probably the way
sweet. >>> federal reserve chairman ben bernanke has a little more positive view of the u.s. economy. but that sent markets tumbling. cnbc's andrew ross sorkin, my friend. >> hey, my man. how are you? >> i'm doing well. >> great to see you. >> congratulations, by the way. i'm probably two or three weeks late here, but it's -- it's been probably more than that but marv tlous watch you every morning. >> i know you miss me. we need to know why the stock market tumbles so strongly when mr. bernanke says we might stop something in the future but nothing is happening right now. >> because we've indicated for the first real time that we are taking the drugs away from the patient. that's what's happened here. this is all about whether we can handle it. it's sort of -- it's kind of like antibiotics. you are supposed to take them to a certain point and then stop taking them before they finally kick in and start to work. it's hard to gauge when you are supposed to stop with the medicine. and that's really the question right now. the market clearly feels that the economy isn't out of the woods y
. one of our supporters that says, liberty. immigrants contribute to our economy. immigrants pay taxes. we're actively mobilizing a lot of the important aspects of our economy. so when we are having a discussion about what is the living wage and how fast can we live on, right now, $14,500 is the living wage. they're talking about be giving access to services. we're creating a shadow economy of a community in perpetual -- >> i think the conservative movement in this country does not want immigration reform. it helps keep wages down like you're talking about. there is a mindset that is very strange. this came out of mouth of jeb bush. i want to you hear what he said about immigrants. here it is. >> we're going to have fewer workers taking care of a larger number of people that the country has a social contract with. to be able to allow them to retire with dignity and purpose we cannot do that with the fertility rates we have in our country. immigrants are more fertile and they love families and they have more intact families and they bring a younger population. >> what is your response t
economy, then you're going to be shocked by the report "rolling stone" has for us tonight. that's coming up. also a shocking turn of events on the house floor as the house speaker brings crucial legislation to the floor and watches it go down in flames. i'll tell you why what's bad for john boehner is good for the country. >>> plus bailouts of struggling casinos? it is also something that is totally happening. we begin tonight with a truly rare bit of genuine progress from congress. excellent news that nonetheless has me seething with anger. here's what's happening that's great news and infuriating. making sure 11 million immigrants are given a road to citizenship is trying to pass a bill by a huge margin in the senate. they are called the gang of eight and the reason they think they need the huge margin victory is to put pressure on house speaker john boehner to bring the legislation to the house floor even though it it will almost certainly not have the support of a majority of house republicans. so that's the game plan. the goal is get 70 votes in the senate, a goal that has seemed, w
-- pumping billions and billions of dollars into the economy. is it possible that we have gone from a tech bubble to a housing bubble to a fed bubble? >> it's absolutely a risk. the real question is is this easing? all this billions and billions of dollars, trillions of dollars really of dollars the federal reserve has printed and pumped into the economy. have they created a real enduring economic expansion? can housing exist? can housing keep recovering even without ultra-cheap money? can the housing market keep rising without ultra-cheap money? can housing growth continue? that's the bet that ben bernanke has been making the past couple of years. the question is is the debt going to pay off, or will we be right back in this mess we were five years ago? >> isn't the case when former chairman allen greenspan greens retired, he was pummeled because of the housing bubble. isn't it the case, since greenspan left, we've become more liberal with our monetary supply as far as pumping more money into the monetary supply. money has been basically free for investors and businesses for the past seve
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can you talk a little bit about that? >> i think that's a piece of it. we got negative data out of china that was a bit of a surprise. there's concern about the chinese central bank there, the people's bank of china clamping down on bank lending there so maybe you'd have what you call a hard landing where things would stop a little more abruptly than had been anticipated. the data out of the u.s. was a mix. we're kind of feeling our way along here. i think the real concern for the markets right now is does the fed make a mistake here? does it end up withdrawing the stimulus from the
. a lot of times cbo's estimates change because actual economic facts change. the economy's getting better, employment is going up, they'll revise their numbers accordingly. that's fair. the only thing i want to say is of course predictions become correct. we have to agree on who's in charge of predicting before we make a decision. >> of course, predictions are not always right, but the key fact of the cbo report is that it scored this immigration bill extraordinarily high and it will be extremely helpful to the american economy. >> right. >> this will be valuable for all of us. so do you think that this cbo report will change or help the impact -- will change the immigration debate or will people who are against it still say, well, i don't believe it. i don't care about what that says? >> well, i think it does change things for the better if you're in favor of immigration reform, which i am. we proponents of immigration reform are always sort of saying in a generic way, this is good for the economy. you bring in talented people. you bring in ambitious people, people who want to work, stay
was, were they propping up the economy and stock market or can it fly on its own? that what we'll wait and see. if i'm a retail investor with a 401(k), hold tight, see what happens. it will be volatile for weeks, probably months at this point while the fed figures out how to get the stimulus out. ultimately, it will shake out to a normalized level. the underlying economy is good so i'd freak out a little bit, but ultimately just wait. >> we want to have the economy stand on its own two feet, but that's the thing here. 401(k) investors, they're not active traders, and the people trading here are probably booking profits from this huge run-up we've had. >> yeah. what it is is a very professional market right now, and you've got traders who love volatility, cashing in on this. we had a pretty tepid market for a while, wasn't a lot of daily motion, and then the fed said we're going to pull out stimulus and you've got big swings up and down. we could pop back up today, so this is a professional trader's market, not for the amateur, mom-and-pop investor. best thing is to wait it out at this
" on sunday. >> >> we want to do our own congressional summit on immigration, the economy, spying. we've got terrific four some to talk about this, as well as to really examine the president's standing right now politically with some of these issues. and we'll do that with our round table. >> thank you very much. we'll be watching. >> okay. >> and senate approval of a broad overhaul of the nation's immigration system could get a boost to spend billions on border patrol. but while it is raising hopes for republican support, there is strong opposition to it. >> if it were actually needed and work, i would help deal with that. but i don't -- i have my doubts that this is the best way to spend our money. i think this was a political response to a failing piece of legislation, a dramatic, desperate attempt to pass a dramatic piece of amendment so they can say it does everything you want and more. so we'll see. hopefully it does improve the border. but again, the border is just one part of the overall failure of our immigration system. >>> and joining me now is nbc news capitol hill correspondent,
to improve our economy just doesn't work. >> my job isn't to try to impose my will. >> i call him president barack onixon. >> your street cred collapses. >> this guy was the great hope. he was the tea party senator. >> god bless the tea party. >> i was a stranger and you welcomed me. and these are not strangers. >> you need to take every one of those irs agents and put them on our southern border. >> i didn't come here to be speak irbecause i needed a fancy title and a big us a. >>> good afternoon. the markets have just wrapped up a dramatic sell-off. the dow closed down some 300-plus points on news that the chairman of the federal reserve, ben bernanke, is hinting that they will be winding down the stimulus of the economy through its bond-buying program. we'll have more on that later in the broadcast. but first, more than 11 million lives hang in the balance. the veritable nation within a nation, as a bipartisan group of senators reach a deal to strengthen border security in the senate's immigration bill. it is a break-through that could pave the way for republican senators to support a pa
there backing up investors. the fed was promising that if the economy didn't inprove, don't worry, we're going to continue with this very easy monetary policy. make sure there's plenty of money. a lot of liquidity. bernanke really made people realize that this pulling back, the tapering of the fed, this almost tightening, because they're not going to be as easy as they've been, this was the warning signal this was going to happen. a lot people had been pushing this out to 2014. maybe 2015. ben bernanke made it clear. this is going to be happening potentially even this year. and, you know, they say they don't ring a bell at the top of our markets. that that's the big question and the big game you have to play when you're investing. this was almost a bell to all those investors who worried, okay, this is a massive change, this is the time we need to move. that's what's been happening here. we do look like we're going to open by 60 points but that was about half the gains we saw early this morning. >> the market got its bell rung this week. have a great friday. enjoy your weekend. >>> we move on.
the fed has been doing and what is also unknown is whether the economy is going to get strong enough so the real economy, real growth, and profits at companies are going to be strong enough to sort of displace the fed stimulus as it pulls away. the fed has made an important point. if things go south and things turn out to be a lot worse than we think, we don't have do change anything. we can ease up -- >> print more money. >> we can do whatever we want. but that's not the way markets have interpreted this. traders have just ignored all the ifs and buts that bernanke said. they've assumed the fed is going to start taking away the medicine. that remains to be seen. >> well, rick, that's the question, right? you talk about this being moved a lot by day traders or etfs. >> and hedge funds. >> is this a judgment that we are running out of value in the underlying markets and the stocks, or is it just a prediction about the future? >> well, it's mostly psychology. i'll tell you that. it is people trying to guess where -- how dependent the stock market is on the fed. it is not anything that's a
of the gop. we should concentrate on the economy. this is long term not a winning battle for the gop. the economy is slow, the recovery is melding. >> all right, boris, thanks so much for being here. >> absolutely thank you. >>> coming up, bill karins and betty nguyen will be here for first buzz. we'll tell you the stories that have caught our eyes. ♪ multigrain cheerios. also available in delicious peanut butter. healthy never tasted so sweet. also available in delicious peanut butter. peoi go to angie's listt for all kinds of reasons. to gauge whether or not the projects will be done in a timely fashion and within budget. angie's list members can tell you which provider is the best in town. you'll find reviews on everything from home repair to healthcare. now that we're expecting, i like the fact i can go onto angie's list and look for pediatricians. the service providers that i've found on angie's list actually have blown me away. find out why more than two million members count on angie's list. angie's list -- reviews you can trust. to accept less and less in the name of style
economies. joining us now is jared bernstein of the center on budget and policy priorities and a former top economist to advice joe biden. is this not a good moment for us to gave thanks that congressman paul ryan has not been in charge of the american economy because if he had been, it would resemble those at the g-8 who have suffered triple dip recessions as a result of applying austerity? >> i think it is a helpful analogy. if you think about the impact of the of kinds of policies, austerity, that paul ryan and many other republicans stand for right now, you can see their economic impact by looking over at europe. back in 2009, when there was a similar summit, a g-209 summit, the president went over there and explained we're applying fiscal stimulus pretty aggressively in our country and many of you should try to do the same. some of them took it up on it and their economies began to improve. then they pivoted to deficit reduction way too early and by the bit off this austerity idea to the point where you can just watch their unemployment rate reverse course and start to go up. now much
reform. it debunks the idea that immigration reform is anything other than a boon to our economy and robs the bill's opponents of one of their last remaining arguments. >>> all right, let's dig down on this and joining me now for more is mark murray. mark, it's good to have you here. we know from the lead figure on the immigration gang of eight has been senator marco rubio, however he's been saying recently the bill needs stronger border security measures. other republicans like senator john cornyn of texas want things like a 100% situational awareness, 90% apprehension on the border. as we look at what senator rubio's motives are now, is he undermining the hard work of the immigration eight by entertaining these amendments or is this just politics as usual? >> thomas, i think it's actually more trying from marco rubio's perspective to strengthen the bill to get more republican support. the gang of eight is still together. i mean, there are sometimes it's been reported there's been a little of annoyance about some of the requests that senator marco rubio has made to have more security but
're seeing is ben bernanke is taking the training wheels off the economy. or will eventually be taking the training wheels often by pulling out all the quantitative easing, all the bond buying the fed has been doing. several rounds of this quantitative easing. it's boosted house prices. it's kept mortgage rates down. everybody's nervous when the fed stops buying up all these bond, the economy might not perform all that well and stocks are going to look a little expensive. so that's why you're seeing stocks sell off. that's why you're seeing mortgage rates go up. the ten-year treasury note is rising. the highest it's been in a couple years. think of ben bernanke as a drug dealer, he's taking the drugs away from the economy. >> everybody coming down from that high, as it were. the president in a conversation with charlie rose hinted bernanke would not serve a third term as fed chair. i'll play you a sound bite from that conversation. and then get your thoughts. >> ben bernanke's done an outstanding job. ben bernanke's a little bit like bob mueller, the head of the fbi, where he already s
>> talk about how you're going to turn the economy around. >> adios. >>. ♪ >> oh, sometimes i wish i was on the same stage with those guys. no, i'm not running. but i love to talk about them. here he is, again, he's back at it. slick rick perry. the governor of texas. it is all hat and no cattle. just wrapped up a five-day poaching tour for jobs in the northeastern portion of the united states. now, how many liberals are up in the northeastern portion of the united states believe a texas brain drain here. the texas brain wizard planted his cowboy boots here in new york city and in connecticut across the river hoping to rope in some business leaders to taking jobs to the lone star state. the governor's main message, very simple. no regulation and no state income tax. sounds really good, doesn't it? perry even put together this web video slamming new york and talking up texas. >> if you just took the book of rules and regulation in new york state. 49,000 pages and one reason small business owners tell us that new york is such a hard place to do business. >> a lot of the business owners
, hiring police officers and hiring firefighters. and it comes back to the economy. and if the sequester cuts are not done effectively and accurately, it's going to affect us on the streets where main street lives. >> so this may be an area where republicans and democrats, mayors from across the country will agree this weekend, but what can you all do about it? i mean, what kind of influence can you have? what can you accomplish with this meeting? >> well, i think congress listens to what mayors have to say, but, you know, congress is not necessarily a functional legislative body to begin with. so sometimes on some issues, i'm not sure our voices is as loud as it could be or received as loudly as it should be. but, you know, people live in cities. and i think they look at city government right now as being stronger and stronger and a more vital part of our economy than ever before. cities are where the jobs are being created. it's where the growth in our national economy is going to have to take place in we are going to continue to build this country. >> and finally, before you go, you a
of putting together a modern economy. >> susan? >> you can only imagine what a relief it is to talk to angela merkel after talking to the leader of russia in a difficult public forum, the leader of china, private, difficult conversations with the leader of afghanistan. i mean, merkel is an ally, someone he can rely on, someone he has built a relationship with, someone that at least a public appearances he has a better relationship now than at the beginning. >> cry, you've been talking to the white house today as wes. optical optically, they insist wild viewed as presumptuous, then senator obama's -- this time they said they were there at the invitation of the german leader. what does the white house tell you about the significance and the way they view it of this moment? >> they view this as an incredibly symbolic moment. this symbol of german reunification, so i think you will hear him touch on that. there will be university students in this audience. this has been a big theme for the obama administration. we saw there in israel when he spoke to university students. this will be a speech abo
's counter cyclical. when the economy's bad it increases, when the economy's good, it goes down. the reason we don't have mass starvation is this program is helping tens of millions of american families survive. the facts are, before the 1970s, when we did have the program, we had third world style malnutrition. these programs almost entirely ended hunger in the 1970s. >> that used to be a bipartisan understanding. bob doll is one of the founding fathers of this program. and it used to be a way to help farmers and families. there's a business case for continuing these programs. the biggest recipients of the money. it's all cycled back into the economy. >> no one's saving -- companies like kraft that make the boxed food that's inexpensive to buy, companies like walmart, supermarkets, all plow in the money from these food stamp programs. we also had this interconnectedness of our safety net programs that's going to make this a double problem. feeding america that operates lots of food banks around the country sent out an alert saying, you have kids who get free and reduced lunch because their
think that leadership of the house recognizes that immigration reform would be good for the economy and good for their branding as it relates to the latino community and if they want to have a chance to get the white house next year as senator lindsey graham talked about, i think that they understand that the leadership level that this is a real goal that they want but i think they are going to have trouble work with their base in the caucus but i'm convinced that the momentum that could be gained by a strong vote in the senate would be with the ground swell of public support. it's very clear in poll after poll that the american people want this issue solved. they want a resolution on this. this is a win-win for the country and i think people see on the economic benefits as well, what you're hearing in those extreme voice by house members is just not consistent with the broad feelings of the american people have said they want in terms of this issue. >> thanks so much. >>> thank you. >> alex, susan, we've seen this, the republicans who have been on the forefront of this, some taking
of this is because the economy and europe and america is still staggering in a lot of ways and when leaders like this are dealing with staggering economy at home, it's really hard to bring these issues to an international setting. >> let's look at it one other international setting with is immigration reform at home. speaker boehner will set a clear line saying he'll do the majority. the majority rule which for a lot of us means the house republicans are going to have the final word on immigration reform. do you think from your political analysis down there in d.c. that this is real and that this is a true line that's being drawn or is this a desire by him to exert leverage now while the senate is moving so he could get something he could move through the caucus. >> think he's drawing the line in the sand right now saying if the senate doesn't put in very big effort on border security, huge issue for house republicans and many senate republicans, conservative senate republicans, this won't stand a chance in my caucus. boehner has to do this because he's violated the guideline that says you can't
would be beneficial for the economy. the idea here is all right if this is going to be beneficial to the economy overall, why don't we find some funds within the budget which can to be done when they really want to do it. it's a dirty secret here on capitol hill. why not find the funds to double the border patrol, get the 700 miles of fencing and in order to get that pathway to citizenship. folks are sort of saying that apieces both sides and honestly at the end of the day the political players in the gop that need though to happen who want to see their future election prospects more bountiful, they are pulling the strings a little bit on this as well. >> what's been the post-results of speaker boehner meeting with the hispanic caucus yesterday? >> from talking to folks they said it was productive, he heard them out and he understands the issue. boehner has been around here since 1990. he was involved in this to some degree when it was trying to be done in the bush administration back in '07. john boehner's real problem he has over 150 something members that have a very small perc
for immigration reform. it debunks the idea that immigration reform is anything other than a boon to our economy and robs the bill's opponents of one of their last remaining arguments. >> realistically, congressman, do you think the cbo report will convince any of your republican colleagues to vote for this? >> i hope those that have been harping on the idea and mimicking the heritage report that said it was going to cost trillions of dollars to the american taxpayer, this debunks it, as the senator said. i would hope that those that have harped the loudest about the cost and about the expense to the american taxpayer will now realize that their argument has no standing. it is baseless, and it's not true. and in that sense, hopefully that will tone down the rhetoric and we can have an opportunity to have a rational, adult conversation, at least in the house of representatives, where we need to go with this bill. which is the real jeopardy for comprehensive reform is in the house of representative. >> let's talk about that because and you other members of the congressional caucus will meet with s
to continue the discussion on the economy but the conversation was disrupted by a dramatic turn of events in syria. the obama administration announced on thursday that they'll begin to arm the syrian rebelsful the about face came after confirmation that the embattled president bashar al assad has used chemical weapons against his own people. we learned more about the carnage as the u.n. announced more than 90,000 men, women and children have died in the 2-year-old conflict. a staggering loss of life but one that so far has not swayed the american people that this is a war worth fighting. a recent nbc "wall street journal" poll showed the american public is still extremely hesitant to intervene in the conflict. with nearly one in four americans saying, we should satisfy no action at all. asked to pick a response to stop the killing of civilians in syria, just 15% say they favor u.s. military action and only 11% want to provide arms to the opposition. by comparison, the pluralality of responses preferred to provide only humanitarian assistance and 24% believe the u.s. shouldn't take any act
but it's not because of gas prices. aaa says the sluggish economy and people are taking less time off. >>> microsoft is reversing course now on its new xbox one game console. users will be able to play games offline without having to be connected to the internet at all. they'll also be able to lend and sell used games. it goes on sale this fall for $499. in the market, stock futures are lower after they got slammed wednesday following comments by ben bernanke that the federal reserve may soon start scaling back its economic stimulus programs. that's if the economy keeps impruchg bernanke says that doesn't mean an interest rate hike is imminent. we will, though, be watching the markets all day today. >>> homeowners can expect to pay a little less to keep the ac on this summer. according to the u.s. energy information administration, milder weather is predicted for the summer to help give some relief to those power bills. the average homeowner can expect to pay about $395 for june, july and august. >>> the second largest school system in the country plans to order ipads for every studen
borrowing will soon come to an end as the economy continues to improve. but as cnbc's maria bartiromo points out, there may be a silver lining. >> every time we've seen a sell-off of 5%, a lot of people were expecting a correction of 5% -- each time we've seen that, that selling has been met by buyers. they call it the so-called buy on the dip mentality. >> well, nbc's tracie potts is live in washington with all the details, including what all this means for homeowners. tracie, good morning. >> key point, mara. good morning, everyone. the impact of all this, maybe you're not heavily involved in the stock market, but if you're trying to buy a home, we've already seen interest rates start to creep up. they will likely creep up even more as the fed starts to pull back its support. that means you could have less for your money in terms of trying to buy a home. but take a look at what the housing market has been doing, self-correcting. in may, 5 million homes were sold. that's up about 4% in a month, up almost 13% in a year. the median home sales price right now, $208,000. that's up 15% over year
that pitted him against his unlikely challenger in 2014. tough economy, we're talking about jobs in the state here. you're talking about somebody who molloy has made clear he might have his eye on the national stage a little bit. he has to get by in 2014. how does this issue affect him with perry coming in and maybe losing gun jobs a little bit. >> it's a choice he's going to have to make. between jobs and votes, really. when it comes down to it. i think he wins on the vote side. the national attention on this issue and at least in the northeast, perry will be vilified. i would love to see him meet up with chris christie. >> nobody is going to say that this year. >> it's a delicate balance that he's going to have to walk. i'm sure the nra is going to be going after him should some of these manufacturers leave. so, it's clearly an important calculation for perry to strengthen his national credential. ultimately i think molloy will be fine because he'll be fine on this issue and he'll bet support from around the country. >> i wonder how the et voers in connecticut would feel about it because th
and 2011. their take went from 10% to 20% of the whole. we live in a superstar economy. >> e.j., we live in a superstar economy. you base your column in a speech that was actually given by alan krueger at the rock and roll hall of fame in cleveland. talking about the dangers of growing in come inequality. we hear it from the left and the right. alan greenspan says it's one of the greatest threats to american capitalism. what do we do about it? >> there's a number of things we can do about it. i thought the speech was very powerful because how do you get people to talk about inequality. putting it into the context of rock, the theme really is, it's a long way to the top if you want to rock and roll. the difference between the top and the bottom is bigger. i think we're taking some steps already on taxation. i think we need to do a lot more to help people at the bottom end of the economy stay in school longer, go to community college. i think that's part of it. but we also need just a fair bargain between labor and capital. justin wolfer, the economist, put out some charts yesterday that s
changes to make there, but the really big news on the economy came yesterday. obviously, with ben bernanke. >> joining me is former treasury official and analyst steve rattner. also, we have new york times reporter jeremy peters. good to have you both onboard. we'll start with ben bernanke. he expressed confidence in the nation's economic growth yesterday saying the fed will start to rein in its stimulus program later this year. bernanke laid out the federal reserves plan, which includes tapering off its multibillion bond-buying program until the unemployment rate drops to 7%. the fed expects that to happy the middle of next year. >> that's great news, right? >> in some way. >> so that's the good news. what bad news could there be from that, steve rattner. >> i think we'll find out. >> the fed will also hold off on raising interest rates keeping them to near zero until unemployment falls to 6.5%. as for wall street's response, this may be where things change. the markets took a dive as soon as bernanke started speaking. by 3:05 the dow fell 140 points closing the day down more than 200, st
, that's wage theft. misclassification is the other piece of this puzzle. so workers in the economy broadly speaking have been suffering and it's actually hurting our recovery overall. >> it's particularly acute right now in this moment because there is such a slack labor market. unemployment is so high, and people are desperate for work and they're desperate for a foot in the door. i want to hear about how your fellow interns and co-workers reacted when they heard you were doing this. i'm really curious to hear that story right after we take this break. i'm the next american success story. working for a company where over seventy-five percent of store management started as hourly associates. there's opportunity here. i can use walmart's education benefits to get a degree, maybe work in it, or be an engineer, helping walmart conserve energy. even today, when our store does well, i earn quarterly bonuses. when people look at me, i hope they see someone working their way up. vo: opportunity, that's the real walmart. i'm going to dream about that steak. i'm going to dream about that ti
, this was a hot topic on "morning joe" this morning, the economy so much of this was supposed to be especially the g-8 focused on that and we saw transition with the developments regarding nsa. when we look back at when the president visited germany before he was elected and even just the climate of the austerity measures in europe versus the actions that he promoted here in the united states and the face of both of these economies now, lends itself to an interesting discussion over what should be done to repair economies. >> reporter: you know, i look at this -- i want to look at this through the prism of obama/merkel relationship. they have become close. it was the financial crisis that brought them together. each was trying to pull the other to their direction. merkel was trying to pull the united states a little more austerity. president obama was trying to pull germany into saying you have to bailout all of europe. don't put such harsh crit era on what you're trying to do at the time during the great bailout. things like that. and they did sort of end up meeting in the middle and they're
this year because the economy is improving. it could also mark the beginning of the end of historically low interest rates. right now the dow is down. you see it on your screen, 227 points after falling 206 points yesterday. cnbc's kayla joins us live. kayla, the residuals still from bernanke's speech? >> tamara, i think we're going to be feeling the reverberations from that for a long time. all three averages are down 1.5%. you have gold which investors go to when they sell out of stocks. gold is down, too. you have bonds down also and the interest rates on those bonds are spiking. the ten year treasury is at a yield that it hasn't seen in nearly two years. stocks for their part have retreated. they've lost basically everything they've made in the last two months. you've mentioned it. it's somewhat ironic. a normal observer would say why is everything sell off because chairman bernanke said the market was doing better? there were all of these green chutes and signs up. there was an unprecedented amount by the federal reserve buying bonds, initiating pra ms to help stimulate the economy, an
bunker, and also coming in, michael jackson. and as the century moved to its conclusion with the economy booming, it was madonna, the material girl, and then bruce springsteen, and in the early 21st century, this century of ours in the aftermath of 9/11, it was all about trying to hold things together, especially our families, and our american icon became a husband, a father, a guy from jersey, a crime boss. his name, tony soprano. james lipton is the host of bravo's "inside the actors studio," and paul farhi is with "the washington post." james gandolfini's portrayal of tony soprano, there was one bedrock of truth of everything he did. he was just a family guy trying to hold everything together. in an early first season episode, he was on a car trip to visit prospective colleges with his daughter, who confronts him about his line of work. let's listen. >> are you in the mafia? >> am i in the what? >> whatever you want to call it. organized crime. >> that's total crap. who told you that? >> dad, i have lived in the house all my life. i have seen police come with warrants. i have seen you
days here at the g-8 at this lakeside resort in ireland was supposed to be the economy, trade. the meetings will be dominated by an issue that was not on the agenda. syria, as the u.s. and most of its western allies troo toy figure out a way to prop up that opposition in the country's two-year-old civil war. the old g-7 basically came together as a way to -- a bit of a counterforce to the soviet union. and now of course this country, number eight, russia. vladimir putin has stuck by syria's leader bashar al assad. in fact, before arriving in northern ireland, putin met with british prime minister david cameron. his comments after that meeting seemed to foreshadow a cold war-like exchange over syria with president obama when the the two meet later today. >> in regards to the supplies of weapons to the assad government and as regards to who has the blood of the children and peaceful citizens of syria, i believe you will not deny that the blood is on the hands of both parties. >> of course, president obama has been a very reluckant supporter of arming the syrian opposition. and i
, to support your political process. we'll keep working to strengthen our economies. including through efforts, the broad economic initiative announced on friday to unlock new opportunities between our two countries. because jobs and opportunities are essential to peace. our scientists will keep collaborating with yours in fields like nanotechnology, energy. on both sides of the atlantic. because progress is essential to peace. and because knowledge and understanding is essential to peace we'll keep investing in programs that enrich both of us. including exchanges programs that have given people to travel to each other's country and learn from each other. one of those young people is here today, sill vie gordon, is the director of ground worked northern ireland, aims to bring about change from the ground up. where is sylvia? where is she? she's here somewhere. you're here, too, yeah. some kind waved i'm here. which is good, i appreciate you being here. as someone who got my start as a community organizer i was so impressed with what sylvia has done. a few years ago, sylvia visited the united s
. >>> the british economy is about to get a 400 billion boost thanks to none other that will and kate's special delivery. royal baby sleepwear, booties and much more will be big business for the royal family and for retailers. >>> check out this $3,000 watermelon. these black skin melon grow only on japan's northern island heikedo. >>> three sports radio hosts are fired for crossing the line. allen iverson is accused of abducting his five children, plus an ugly scene involving a foul ball when "first look" returns. all business purchases. so you can capture your receipts, and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork. ink from chase. so you can. [ engine revs ] ♪ [ male announcer ] just when you thought you had experienced performance, a new ride comes along and changes everything. ♪ the 2013 lexus gs, with a dynamically tuned suspension and adjustable drive modes. because the ultimate expression of power is control. this is the pursuit of perfection. i want peacocks. peacocks? walking the grounds. in tusc
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that we need to keep the economy going et cetera. and so if they really care about america, they understand in the future we need more workers. currently we have workers that don't have documents. whrs when you're undocumented, you're taking advantage after lot of fronts. most employers have good employees. but bad employers pay them less, they don't have benefits, if they get work, they are trashed and out they go. what happens to mter can worker that they also see wages depressed when these bad employers are using these people. if we would legalize these people and if they would have basic rights in the country, we would see all of america rise. >> glenn beck compared this conservative right to the civil rights movement. congressman, what is your response to that? >> that is -- not only -- it is almost harassy for him to make that comparison. in fact, it is. the civil rights movement is about fulfilling people's rights. to make the values of the nation real for all-americans, regardless and comprehensive reform. and it is about extending values to 11 million people here,
by the french and germans? >> on the economy it's pretty good. but there's a whole other part of discomfort, if you will, with some european leaders and it more has to do -- their reaction to president obama is just like any other politician's reaction to a politician that may not be as popular as they once were. president obama, the nsa things do not play well over here. there has been a frustration by some on the left in europe that president obama hasn't addressed the issue of climate change more aggressively. that's always been a much more important issue to europeans than it ever has been in the united states. and you sort of take all of that into account and so there certainly is -- you know, the shine has worn off. two years ago when president obama would come over here, you know, you know, figuratively throwing rose pe petals at his feet. he still has a huge audience a few hours ago in belfast for a speech he gave that was addressing northern ireland youth. he's going to get a huge number of people at the brandenburg gate when he makes that speech on the 50th anniversary of jfk spee
into the mirror to look at history. let's quickly revisit the highlights. this president brought the economy back from the brink through a stimulus program, a bailout of the american auto industry, strengthening financial reform and creating a dedicated government bureau to protect consumers. changing the composition of the supreme court by appointing two impressive women. and of course the largest progressive domestic policy to expand our social safety net in a generation, the affordable care act. for obama supporters accustom to all those policy successes, so far the second term may seem like it's off to a slow start but i think that changed this week. the president just took a crucial step towards the first big win of the second term on tuesday. advocates for immigration reform broke an attempted filfilibuste. now nothing should stop the senate for an up-or-down vote for landmarking legislation that would provide the u.s.'s first comprehensive immigration reform in almost three decades. if that happens, president obama will become the first president to make a lasting mark on immigration polic
putting money back into our economy, then, you know, i think that republicans, they're not necessarily -- they're being a little bit disingenuous by pretending this is going to cost us, whether it costs our values, cost us morally like you're talking about, or cost us economically, which it's not. >> some people have some confusion about what social security works. you don't save for your own retirement. today's workers pay in which pays for today's retirees. we are in this circumstance with the baby boomers, they are retiring. if what we must have in order to make this solvent and work is more people. we also need more people and more people paying more into it. but this is, in fact, part of the solution. >> but talking about that would underscore the fact that we are in this together. which is really at the crux of this immigration debate. >> another way in which you see this is the struggle over health care for immigrant. and i say this, i'm a proud naturalized u.s. citizen, i'm an immigrant to this country and a daughter of an immigration lawyer. this is an issue very dear to my he
office crunched the numbers and concluded that passing the immigration bill will boost the economy. >> court to this independent report, reforming our immigration system would reduce our deficits by almost a trillion dollars over the next two decades and boost our economy over more than 5%. >> and july first, that's the day the rates on many student loans will spike. they passed the speaker john boehner's bill that would put them 2.5 percentage points above the rate and -- he's frustrated with democrats not for getting on board. >> the president has failed to talk about this issue and hasn't lifted a finger to push his own party to pass his own proposal. the time for games is up. i think our kids deserve better. and the democrats need to get their act together so we can prevent these rates from doubling on july 1st. >> student loans are not the only piece of highly contentious legislation in d.c. right now. the republican led house didn't past the -- deep cut to food stamps combined forces to kill the bill. how does this body for issues like student loans. i'm joined now by two pan
's supposedly about the global economy but of course, the war, the political conflict, top of mind is syria. >> that's right. this was all supposed to be about figuring out how to help europe's economy get out of its recession as fast as the u.s. has done. talk of a big trade pact. granted, that's still happening. but syria is the dominant topic. the president meets with vladimir putin on the schedule it is supposed to be in about 15 minutes. we expect it to be a 60 to 90-minute bilat cal session. then the two leaders will speak afterwards. now judging by the tone of the bilateral meeting -- at least the read-out of the meeting that putin had with david cameron in london yesterday, whether it came to the issue of syria, it would be surprising if somehow they came out with some break-through about what to do next. as you know, the united states position is try to convince putin that it is in his best interests to essentially push assad out and help keep assad's regime at the negotiating table. it is a tricky deal for the u.s. to sell. we'll see if putin is listening. >> who else might be lis
to it the floor because job market is stagnant, the economy is hurting, and they're debating rape and abortion. and look, charlie dent is a good guy. but the democratic argument against charlie dent is sure charlie dent is a good guy. but he is going to vote for john boehner for speaker, and they'll control the agenda. so if you get rid of charlie dent, there is a chance we can get a new speaker who won't be bringing things like these. so the republicans don't get it. they should listen to the few people left like charlie dent. >> you know, joan, when you look at the fact that as the governor just quoted charlie dent, this bill that has gone to the floor, they're trying to pull back the sponsor because of his outrageous statement. but they're still dealing with the bill and having congresswoman blackburn manage this bill on the floor. >> right. they've decided that they're going to put a woman's face on the bill. and congresswoman blackburn is no friend of women, reverend al. she recently really embarrassed herself by saying that equal pay is not an issue for most women. >> wait a minute, the
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